MIRA INFORM REPORT
|
Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN ZINC LIMITED |
|
|
|
|
Registered
Office : |
Yashad Bhawan, Yashadgarh, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.01.1966 |
|
|
|
|
Com. Reg. No.: |
17-001208 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 8450.600
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L27204RJ1966PLC001208 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
JDHH00694B/ JDHH00701B/ JDH00759D/ JDHH00601G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing,
selling, exploration, mining and concentration of zinc, lead silver, cadmium,
sulphuric acid, phosphoric acid and cobalt. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 1300000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a “Vedanta Group Company”. It is an established company
having fine track record. Financial position of the company appears to be sound. Overall
fundaments of the company appears to be strong and healthy. Directors are
reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. Company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
Uptick in agriculture
and construction spread some cheer as the economy grew a higher-than-expected
4.8 % in the three months through September. Manufacturing rose an annual rate
per cent during the quarter and mining fell by 0.4 %, government data showed
while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AAA |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk |
|
Date |
06.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
06.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Head Office : |
Yashad Bhawan, Yashadgarh, Udaipur – 313
004, Rajasthan, India |
|
Tel. No.: |
91-294-2529182/2529183/2529184/2529185/181/2529102/103/104/225854/
225853 |
|
Fax No.: |
91-294-2526443/2523522/2525763/229012/225826 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Corporate Office : |
Swaroop Sagar Road, Udaipur – 313004, Rajasthan, India |
|
Tel. No.: |
91-294-2529182 |
|
Fax No.: |
91-284-2523522 |
|
|
|
|
Mining Units: |
Located at:
|
|
|
|
|
Smelting Units: |
Located at:
|
|
|
|
|
Processing and
Refining Units: |
Located at: ·
Haridwar
Zinc Plant : Haridwar District (Uttarakhand) ·
Pantnagar
Metal Plant : Rudrapur District (Uttrakhand) |
|
|
|
|
Wind Power
Farms: |
Located at:
|
|
|
|
|
Exports / Marketing Office: |
Solitaire Corporate Park Business Square ‘C’ Wing, 2nd Floor, Andheri
Kurla Road, Chakala, Andheri (East), Mumbai – 400 093, Maharashtra, India Email: exportzinc@vedanta.co.in |
|
|
|
|
Power Operations: |
Located at: ·
Chanderiya Smelting Complex ·
Zawar Mines ·
Zinc Smelter
Debari ·
Samana Wind
Power Plant ·
Gadag Wind
Power Plant |
|
|
|
|
Regional Office: |
·
Northern Regional Office Scope Office
Complex, Core – 6 IInd Floor,7, Lodi Road,New Delhi – 110003, India Tel - 91
11-24364988/24367261 Fax 91 11-24365421 Email sanjay.khanna@vedanta.co.in ·
Southern Regional Office #705, 7th Floor,
Manipal Centre, North Block, Rear Wing Dickenson Road, Bangalore – 560001,
India Tel 91 80- 25590918 Fax 91 80- 25590917 Email: sundeep.prasanna@vedanta.co.in ·
Eastern Regional Office Flat No. 9/10, Chatterjee International Centre, Jawaharlal
Nehru Road, Kolkata – 700071, India Tel 91 33-2217763/22262627 Fax 91 33-22262627 Email: mohammed.azmatulla@vedanta.co.in ·
Western Regional Office Solitaire Corporate
Park Business Square ‘C’ Wing, 2nd Floor, Andheri Kurla Road, Chakala,
Andheri (East), Mumbai – 400 093, Maharashtra, India Tel 91-22-56434500 Fax 91-22-56434640 Email: Anuj.lal@vedanta.co.in |
|
|
|
|
Branches : |
Located at : ·
301-302, Dohil Chambers, 46, Nehru Place, New
Delhi – 110 019, Delhi, India Tel. No.: 91-11-26280570 / 26463711 /
26419426 Fax No.: 91-11-26484614 ·
Chatterjee International Centre, 20th Floor,
33-A, Chowringhee Road, Kolkata – 700 071, West Bengal, India Tel. No.: 91-33-22421761 / 22262627 /
22495413 Fax No.: 91-33-22457354 ·
47, Mittal Chambers, Nariman Point, Mumbai – 400
021, Maharashtra, India Tel. No.: 91-22-22025903 / 22049317 Fax No.: 91-22-22833341 ·
B-II, 403, Kamal Apartment, Bani Park, Near Ram
Mandir, Jaipur – 302 006, Rajasthan, India Tel. No.: 91-141-2200723 ·
Block No. 205, II Floor, 5-9-13, Tara Mandal Complex,
Saifabad, Hyderabad – 500 004, Andhra Pradesh, India Tel. No.: 91-40-2241712 / 2233516 /
2230307 ·
102, 8th Garden Colony, New Surya Apartment, C-G
Road, Panchawati, Ahmedabad – 380 008, Gujarat, India Tel. No.: 91-79-2656 1161 ·
No. 6, Amar Jyoti House, Building Co-operative
Society, Near Cordial School, Vijay Nagar, Bangalore – 560040, Karnataka,
India Tel. No.: 91-80-3300292 / 3305036 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr.
Agnivesh Agarwal |
|
Designation : |
Chairman
|
|
|
|
|
Name : |
Mr.
Akhilesh Joshi |
|
Designation : |
Chief
Executive Officer and Whole time
Director |
|
|
|
|
Name : |
Mr.
Durga Shankar Mishra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Navin Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms.
Shaukat Ara Tirmizi |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
A.R. Narayanaswamy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Rajib Sekhar Sahoo |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms.
Anjali Anand Srivastava |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Amitabh Gupta |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Rajendra Pandwal |
|
Designation : |
Secretary |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2743154310 |
64.92 |
|
|
2743154310 |
64.92 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
2743154310 |
64.92 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
46800260 |
1.11 |
|
|
2149051 |
0.05 |
|
|
1247950590 |
29.54 |
|
|
33358827 |
0.79 |
|
|
77152053 |
1.83 |
|
|
1407410781 |
33.31 |
|
|
|
|
|
|
29832084 |
0.71 |
|
|
|
|
|
|
39530401 |
0.94 |
|
|
3235128 |
0.08 |
|
|
2156296 |
0.05 |
|
|
1301545 |
0.03 |
|
|
830000 |
0.02 |
|
|
6251 |
0.00 |
|
|
18500 |
0.00 |
|
|
74753909 |
1.77 |
|
Total
Public shareholding (B) |
1482164690 |
35.08 |
|
Total
(A)+(B) |
4225319000 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
4225319000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is mainly engaged in the mining and smelting of non-ferrous
metals in India. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
State Bank of Bikaner and Jaipur ·
IDBI Bank Limited ·
ICICI Bank Limited ·
HDFC Bank Limited ·
Citi Bank ·
Calyon Bank ·
Development Bank of Singapore ·
Kotak Mahindra Bank Limited ·
Yes Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road , Opposite Shiv Sagar Estate, Worli, Mumbai
- 400 018, Maharashtra, India |
|
Tel. No.: |
91-22-66679000 |
|
Fax. No.: |
91-22-66679100 |
|
|
|
|
Holding
Companies : |
·
Sterlite Industries (India) Limited (Immediate
and Ultimate in India) ·
Vedanta
Resources Plc. U. K. (Ultimate in U. K) |
|
|
|
|
Fellow
subsidiaries : |
·
Vedanta Resources Plc. U. K. ·
Bharat
Aluminium Company Limited ·
Monte Cello
BV* ·
Copper Mines
of Tasmania Pty Limited ·
Thalanga
Copper Mines Pty Limited* ·
Konkola
Copper Mines Plc ·
Sterlite
Energy Limited* ·
Sterlite
(USA) Inc.* ·
Fujairah
Gold* ·
Talwandi
Sabo Power Limited ·
Sesa Goa
Limited ·
The Madras
Aluminium Company Limited ·
Vedanta
Aluminium Limited ·
THL Zinc
Ventures Limited* ·
THL Zinc
Limited* ·
THL Zinc
Holding BV* ·
THL Zinc
Namibia Holdings (pty) Limited* ·
Skorpion
Zinc (Pty) Limited* ·
Skorpion
Mining Company (Pty) Limited* ·
Namzinc
(Pty) Limited ·
Amica
Guesthouse (Pty) Limited* ·
Rosh Pinah
Health Care (Pty) Limited* ·
Black
Mountain Mining (Pty) Limited ·
Vedanta
Lisheen Holdings Limited* ·
Vedanta
Lisheen Mining Limited* ·
Killoran
Lisheen Mining Limited* ·
Killoran
Lisheen Finance Limited* ·
Sterlite
Ports Limited* ·
Konkola
Resources Plc* ·
Sesa Mining
Corporation Private Limited ·
Sesa
Resources Limited ·
Sterlite
Infraventures Limited* ·
Paradip
Multi Cargo Berth Private Limited* ·
Pecvest 17
Proprietary Limited* ·
Lisheen Mine
Partnership* ·
Vizag
General Cargo Berth Private Limited.* ·
Lakomasko
BV.* ·
Sterlite
Infra Limited.* ·
Lisheen
Milling Limited* ·
Sterlite
Technologies Limited ·
Bloom
Fountain Limited* ·
Western
Clusters Limited* ·
Goa Energy
Private Limited* * No transactions during the year. |
|
|
|
|
Joint Venture - Jointly controlled entity : |
·
Madanpur South Coal Company Limited |
|
|
|
|
Others : |
·
Vedanta Foundation |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs. 2/- each |
Rs.10000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4225319000 |
Equity Shares |
Rs. 2/- each |
Rs. 8450.600 Millions |
|
|
|
|
|
|
|
|
|
|
i.
Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Equity shares of Rs. 2/- each
outstanding at the beginning of the year |
4225319000 |
8450.600 |
|
Equity Shares outstanding at the end of the year |
4225319000 |
8450.600 |
ii.
2,743154310 Equity Shares are held by M/s. Sterlite
Industries (India) Limited the holding company. The ultimate holding company is
Vedanta Resourses PLC, United Kingdom (VRPLC). No shares are held by VRPLC or
its other subsidiaries or associates.
iii.
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Sterlite Industries (India) Limited |
2743154310 |
64.92% |
|
Government of India- President of India |
1247950590 |
29.54% |
|
Total |
3991104900 |
94.46% |
iv.
Number of bonus shares allotted during the period
of five years immediately preceding
|
Particulars |
Number
of Shares |
|
Equity shares allotted as fully paid up by way of bonus shares without payment being received in
cash |
2112659500 |
v.
The Company has one class of equity shares having a
par value of Rs. 2 per share. Each
equity shareholder is eligible for one vote per share held. Each equity
shareholder is entitled to dividends as and when declared by the Company.
Interim Dividend is paid as and when declared by the Board. Final dividend is
paid after obtaining shareholder’s approval. Dividends are paid in Indian
Rupees. In the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the company after distribution of all
preferential amounts in proportion to their shareholding. During the year ended
March 31, 2013, the amount of per share final dividend recognized as
distribution to equity shareholders was Rs.
1.50 Per share.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
8450.600 |
8450.600 |
8450.600 |
|
(b) Reserves & Surplus |
314306.800 |
260362.000 |
216881.300 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
322757.400 |
268812.600 |
225331.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
12798.600 |
11088.100 |
9447.000 |
|
(c) Other long term liabilities |
282.300 |
171.500 |
237.900 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
13080.900 |
11259.600 |
9684.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3.900 |
3.900 |
3.900 |
|
(b) Trade payables |
4842.000 |
4102.900 |
3682.400 |
|
(c) Other current
liabilities |
5721.200 |
5631.500 |
6155.700 |
|
(d) Short-term provisions |
8248.700 |
5039.400 |
5670.800 |
|
Total Current Liabilities (4) |
18815.800 |
14777.700 |
15512.800 |
|
|
|
|
|
|
TOTAL |
354654.100 |
294849.900 |
250529.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
84736.900 |
84657.200 |
71997.000 |
|
(ii) Intangible Assets |
100.500 |
471.000 |
545.100 |
|
(iii) Capital
work-in-progress |
10818.500 |
4449.600 |
5948.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
27.000 |
25.900 |
20.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
18982.900 |
8758.000 |
6167.300 |
|
(e) Other Non-current assets |
2391.900 |
146.100 |
1297.700 |
|
Total Non-Current Assets |
117057.700 |
98507.800 |
85976.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
145371.800 |
126922.600 |
93325.100 |
|
(b) Inventories |
11110.900 |
7979.400 |
7623.800 |
|
(c) Trade receivables |
4028.700 |
3324.500 |
2088.900 |
|
(d) Cash and cash equivalents |
69421.000 |
52553.200 |
56329.100 |
|
(e) Short-term loans and
advances |
3733.200 |
2334.300 |
2862.200 |
|
(f) Other current assets |
3930.800 |
3228.100 |
2324.400 |
|
Total Current Assets |
237596.400 |
196342.100 |
164553.500 |
|
|
|
|
|
|
TOTAL |
354654.100 |
294849.900 |
250529.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
126998.400 |
114053.100 |
100391.700 |
|
|
|
Other Income |
20321.500 |
15428.300 |
8660.200 |
|
|
|
TOTAL (A) |
147319.900 |
129481.400 |
109051.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7930.600 |
2176.900 |
1692.300 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
(1125.400) |
944.400 |
-1556.400 |
|
|
|
Employee benefits expense |
6499.100 |
5346.400 |
5107.800 |
|
|
|
Other expenses |
48877.700 |
44890.800 |
39070.900 |
|
|
|
Exceptional items |
175.300 |
431.300 |
211.600 |
|
|
|
TOTAL (B) |
62357.300 |
53789.800 |
44526.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
84962.600 |
75691.600 |
64525.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
291.000 |
139.500 |
182.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
84671.600 |
75552.100 |
64342.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6470.400 |
6106.700 |
4747.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
78201.200 |
69445.400 |
59595.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9206.400 |
14185.000 |
10590.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
68994.800 |
55260.400 |
49004.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
170519.200 |
138044.700 |
98950.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend to Equity shareholders |
6338.000 |
3802.800 |
4225.300 |
|
|
|
Tax on proposed dividend |
1077.100 |
616.900 |
685.500 |
|
|
|
Interim dividend to Equity shareholders |
6760.500 |
6338.000 |
0.000 |
|
|
|
Tax on interim dividend |
1096.700 |
1028.200 |
0.000 |
|
|
|
Transfer to general reserves |
7000.000 |
11000.000 |
5000.000 |
|
|
BALANCE CARRIED
TO THE B/S |
217241.700 |
170519.200 |
138044.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
27119.000 |
35703.100 |
36860.900 |
|
|
TOTAL EARNINGS |
27119.000 |
35703.100 |
36860.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9132.400 |
1953.600 |
1847.900 |
|
|
|
Components, stores and spare parts |
7370.700 |
9367.700 |
7233.900 |
|
|
|
Capital Goods |
3251.900 |
1731.500 |
1724.600 |
|
|
TOTAL IMPORTS |
19755.000 |
13052.800 |
10806.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.33 |
13.08 |
11.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 (Unaudited) |
|
|
1st
Quarter |
|
Net sales |
29841.600 |
|
Total Expenditure |
14811.100 |
|
Profit before interest, depreciation and
tax (Excluding Other Income) |
15030.500 |
|
Other income |
6202.800 |
|
Operating Profit |
21233.300 |
|
Interest |
109.400 |
|
Exceptional Items |
(5.200) |
|
Profit before depreciation and tax |
21118.700 |
|
Depreciation |
1843.300 |
|
Profit before tax |
19275.400 |
|
Tax |
2670.900 |
|
Profit after tax |
16604.500 |
|
Extraordinary items |
0.000 |
|
Prior period expenses |
0.000 |
|
Other adjustments |
0.000 |
|
Net Profit |
16604.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
46.83 |
42.68 |
44.94
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
61.57 |
60.89
|
59.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.20 |
33.84
|
34.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.26
|
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
12.63 |
13.29
|
10.61 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
From others (Repayable on demand based on fulfillment of certain conditions
stipulated in contract) The Company has not defaulted in repayment of loans and interest, as
applicable |
3.900 |
3.900 |
|
Total |
3.900 |
3.900 |
COMPANY OVERVIEW
The Company was incorporated
on January 10, 1966 under the laws of the Republic of India and has its
registered office at Udaipur (Rajasthan). Subject’s shares are listed on
National Stock Exchange and Bombay Stock Exchange. Subject is mainly engaged in
the mining and smelting of non-ferrous metals in India.
Subject’s
operations include four lead zinc mines, four zinc smelters, two lead smelters,
one lead zinc smelter, six sulphuric acid plants, a silver refinery plant and
five captive power plants in the state of Rajasthan, one zinc smelter and a
sulphuric acid plant in the state of Andhra Pradesh. In addition Subject also
has a rock-phosphate mine in Maton near Udaipur in Rajasthan and Zinc, Lead and
Silver processing and refining facilities in the state of Uttarakhand. The
Company also has wind power plants in the State of Rajasthan, Gujarat,
Karnataka, Tamilnadu and Maharashtra.
PERFORMANCE REVIEW
We reported net
revenue from operations of Rs.
127000.000 Millions, an increase of 11% compared to FY 2012. The increase
was primarily on account of increased silver sales and INR depreciation,
partially offset by lower metal prices. The Company achieved profit before
depreciation, interest and tax (PBDIT) of Rs.
84960.000 Millions In FY 2013, up 12%, benefiting from higher sales and
other income, partially offset by higher operating costs.
Mined metal
production during the year was 870,200 MT compared to 830,432 MT in the
previous year. The higher mined metal production was primarily due to higher
output at Rampura Agucha.
Integrated refined
zinc production this year was 659,971 MT, compared to 752,265 MT in FY 2012.
The decline in zinc metal production was mainly on account of uneven
distribution of mined metal production during the year with the second half much
stronger than the first half, as per the mine plan. We addressed it by selling
61,097 MT of zinc mined metal in the second half. The total refined zinc
production was 676,921 MT in FY 2013, compared to 758,716 MT in FY 2012.
We performed
extremely well in total refined lead and silver production, which are the
highest ever at 124,816 MT and 408 MT – up 26% and 69% – respectively. Of this,
integrated refined lead production was 106,753 MT and integrated silver
production was 322 MT, up 20% and 36%, respectively. Production of refined lead
and silver was boosted significantly by higher contribution from Sindesar Khurd
mine and full year of production at Dariba lead smelter and the new refineries
in the state of Uttarakhand.
Their generation
from captive power plants in FY 2013 declined by % to 3,363 million units,
compared to that in FY 2012. There wind power generation was up 52% at 511
million units, compared to that in FY 2012, boosted by addition of new wind
mills.
FINANCIAL
PERFORMANCE
The Company reported
record profits of Rs. 68990.000 Millions
for the year, up 25% from the previous year. This was primarily on account of
higher sales and other income, partially offset by higher operating costs.
The Company’s
financial performance has been discussed in detail in ‘Management Discussion
and Analysis’, which forms a part of this Annual Report
PROJECTS
During the year,
we announced their plan for next phase of growth to position the Company to
deliver superior performance in future. Based on long-term evaluation of assets
and in consultation with mining experts, this growth plan will involve sinking
of underground shafts and developing underground mines. These growth projects
will result in an increase in mined metal production capacity from 1.0 million
MT per annum to 1.2 million MT per annum. The growth plan includes:
·
Development of 3.75 million MT per annum
underground mine at Rampura Agucha
·
Expansion of
Kayad mine, an extension of Rampura Agucha block to 1.0 million MT per annum,
·
Expansion of
Sindesar Khurd mine from 2.0 million MT per annum to 3.75 million MT per annum
·
Expansion of
Rajpura Dariba mine from 0.9 million MT per annum to 1.2 million MT per annum
·
Expand Zawar
Mine from 1.2 million MT per annum to 5.0 million MT per annum
·
Development of
0.5 million MT per annum underground mine at Bamnia Kalan, an extension of
Sindesar Khurd block
The mines will be
developed using best-in-class technology and equipment and in consultation with
leading global mine experts, ensuring the highest level of productivity at the
lowest cost. The projects will be completed in six years. The benefits of
expansion projects will start flowing in from the third year, even as projects
will continue till FY 2019. Annual capital expenditures for these projects will
average US$ 250 million a year over the next six years
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR QUARTER
AD SIX NINE MONTH ENDED 30TH SEPTEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Six Month Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
35204.500 |
29394.100 |
64598.600 |
|
b) Other operating income |
386.800 |
447.500 |
834.300 |
|
Total
income from Operations(net) |
35591.300 |
29841.600 |
65432.900 |
|
2.
Expenditure |
|
|
|
|
a) Cost of material consumed |
186.300 |
1452.000 |
1638.300 |
|
b) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
823.100 |
(2084.900) |
-1261.800 |
|
c) Employees benefit expenses |
1765.800 |
1780.500 |
3546.300 |
|
d) Depreciation and amortization expenses |
1864.700 |
1843.300 |
3708.000 |
|
e) Consumption of stores ad Spares |
3411.100 |
3264.800 |
6675.900 |
|
f) Power and Fuel |
3096.200 |
2648.500 |
5744.700 |
|
f) Mining Royalty |
2655.600 |
2529.700 |
5185.300 |
|
g) Other mining and manufacturing expenses |
3676.600 |
3779.000 |
7455.600 |
|
f) Other expenditure |
1142.600 |
1480.500 |
2623.100 |
|
Total expenses |
18622.000 |
16693.400 |
35315.400 |
|
3. Profit from operations before other income and
financial costs |
16969.300 |
13148.200 |
30117.500 |
|
4. Other income |
2668.800 |
6199.000 |
8867.800 |
|
5. Profit from ordinary activities before finance costs |
19638.100 |
19347.200 |
38985.300 |
|
6. Finance costs |
80.300 |
66.600 |
146.900 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
19557.800 |
19280.600 |
38838.400 |
|
8. Exceptional item |
611.500 |
5.200 |
616.700 |
|
9. Profit from ordinary activities before tax
Expense: |
18946.300 |
19275.400 |
38221.700 |
|
10.Tax expenses |
2543.800 |
2670.900 |
5214.700 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
16402.500 |
16604.500 |
33007.000 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
16402.500 |
16604.500 |
33007.000 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
8450.600 |
8450.600 |
8450.600 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary items)
of Re. 1/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
3.88 |
3.93 |
7.81 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
3.88 |
3.93 |
7.81 |
|
Particulars |
Quarter Ended ( Unaudited) |
Six Month Ended ( Unaudited) |
||||
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|||
|
A. Particulars of shareholding |
|
|
|
|||
|
1. Public Shareholding |
|
|
|
|||
|
- Number of shares |
1482164690 |
1482164690 |
1482164690 |
|||
|
- Percentage of shareholding |
35.08 |
35.08 |
35.08 |
|||
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|||
|
a) Pledged /Encumbered |
|
|
|
|||
|
Number of shares |
- |
- |
- |
|||
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
- |
|||
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|||
|
|
|
|
|
|||
|
b) Non Encumbered |
|
|
|
|||
|
Number of shares |
2743154310 |
2743154310 |
2743154310 |
|||
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|||
|
Percentage of shares (as a % of total share capital of the
company) |
64.92 |
64.92 |
64.92 |
|||
|
|
|
|
|
|||
|
B.
Investor Complaints |
|
|||||
|
Pending at the beginning of the quarter |
0 |
|||||
|
Receiving during the quarter |
5 |
|||||
|
Disposed of during the quarter |
5 |
|||||
|
Remaining unreserved at the end of the quarter |
0 |
|||||
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2013 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
8450.600 |
|
(b) Reserves & Surplus |
|
|
339210.300 |
|
Sub-total
- Shareholders fund |
|
|
347660.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Other long term liabilities |
|
|
14309.700 |
|
(b) long-term provisions |
|
|
410.800 |
|
Sub-total - Non
current liabilities |
|
|
14720.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowing |
|
|
3.900 |
|
(b) Trade payables |
|
|
5635.700 |
|
(c) Other current
liabilities |
|
|
6972.600 |
|
(d) Short-term provisions |
|
|
8503.500 |
|
Sub-total - Current
liabilities |
|
|
21115.700 |
|
|
|
|
|
|
TOTAL |
|
|
383497.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
99677.000 |
|
(b) Non-current Investments |
|
|
28.100 |
|
(c) Long-term Loan and Advances |
|
|
21255.900 |
|
(d) Other Non-current assets |
|
|
0.000 |
|
Sub-total - Non
current asset |
|
|
120961.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
187122.900 |
|
(b) Inventories |
|
|
11428.400 |
|
(c) Trade receivables |
|
|
4710.600 |
|
(d) Cash and cash
equivalents |
|
|
49193.600 |
|
(e) Short-term loans and
advances |
|
|
2430.400 |
|
(f) Other current assets |
|
|
7650.200 |
|
Sub-total - Current assets |
|
|
262536.100 |
|
|
|
|
|
|
TOTAL |
|
|
383497.100 |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Six Month Ended (
Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Segment Revenue (Net sales/income from operations) |
|
|
|
|
a. Zinc, Lead and Silver |
|
|
|
|
(i) Zinc and Leadb. Jute |
30724.500 |
24660.400 |
55384.900 |
|
(ii) Silver Metal |
3879.400 |
4080.100 |
7959.500 |
|
Total |
34603.900 |
28740.500 |
63344.400 |
|
b. Wind Energy |
600.600 |
653.600 |
1254.200 |
|
Net
sales/Income from operations |
35204.500 |
39394.100 |
64598.600 |
|
|
|
|
|
|
2.
Segment Result (Profit before Interest and Tax) |
|
|
|
|
a. (i) Zinc and Leadb. Jute |
13874.800 |
10170.100 |
24044.900 |
|
(ii) Silver Metal |
3115.700 |
2718.300 |
5834.000 |
|
Total |
16990.500 |
12888.400 |
29878.900 |
|
b. Wind Energy |
227.200 |
285.300 |
512.500 |
|
Total |
17217.700 |
13173.700 |
30391.400 |
|
Less
: Interest |
80.300 |
66.600 |
146.900 |
|
Less:
Exceptional Items (VRS in respect of zinc, lead and silver) |
611.500 |
5.200 |
616.700 |
|
Add: Other un-allocable
expenditure net off un-allocable income. |
2420.400 |
6173.500 |
8593.900 |
|
Profit
before Tax |
18946.300 |
19275.400 |
38221.700 |
|
|
|
|
|
|
3.
Capital Employed |
|
|
|
|
a) Zinc and Lead |
100191.800 |
98412.700 |
100191.800 |
|
b. Wind Energy |
9454.800 |
9985.000 |
9454.800 |
|
c) Unallocate |
238014.300 |
230782.500 |
238014.300 |
|
Total |
347660.900 |
339180.200 |
347660.900 |
NOTES:
1.
The above results for the quarter and half year
ended 30th September 2013 and statement of assets and liabilities as on 30th
September 2013 have been reviewed by Audit Committee and approved by the Board of
Directors at their meeting held on 23rd October 2013. The auditors have carried
out "Limited Review" of the above results.
2.
The Company has chosen to early adopt Accounting
Standard (AS) 30 - Financial
Instruments: Recognition and Measurement
effective 1st April 2007 alongwith
consequential revisions to other Accounting Standards as have been announced by
the Institute of Chartered Accountants of India.
3.
Consequent to the sanction of the Scheme of
amalgamation and arrangement, inter – alia, amongst Sterlite Industries (India)
Limited (SIIL) – the erstwhile holding Company and Sesa Goa Limited (SGL) by
the respective jurisdictional courts and made effective during the quarter,
SIIL has been amalgamated into SGL effective from August 17, 2013. SGL has since
been renamed as Sesa Sterlite Limited (SSL) which has become the holding
company of the Company.
4.
The Board declared an interim dividend 80 % i.e. Rs. 1.60 per equity share of Rs. 2 each. The record date for the payment of
interim dividend is 29th October 2013.
5.
Previous Period/Year figures have been
re-grouped/re-arranged wherever necessary.
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80002852
|
16/10/2007
* |
2,000,000,000.00
|
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A25519406
|
|
2 |
90263201
|
10/02/2006
* |
400,000,000.00
|
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
JAIPUR
BRANCH, JAIPUR, Rajasthan, INDIA |
- |
* Date of modification charge
FIXED ASSETS:
·
Land
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Railway siding
·
Plant and
Equipment
·
Furniture and
Fixtures
·
Vehicles
·
Office
Equipment
·
Computer
software
PRESS
RELEASE:
VEDANTA
HOPEFUL OF GOVT TAKING RS 216000.000 MILLIONS DIVESTMENT BAIT
October 15, 2013
Vedanta Group currently holds
64.9 percent stake in HZL and 51 percent in Balco. It proposed the government
on January 2012 to acquire the entire residual stake for Rs. 172000.000
Millions valuing the combined stake at USD 3.2 billion at the then currency
rate.
Anil Agarwal’s Vedanta Resources has sought
shareholder nod to extend the offer to acquire residual government stakes in
Hindustan Zinc Limited and Balco. Vedanta shareholders will meet on
October 30 to renew an enabling resolution that will allow the group cos’ to
buy the remaining stake in HZL and Balco from government of India, reports
CNBC-TV18's Sajeet Manghat
Vedanta Group currently holds 64.9 percent stake in HZL and 51 percent
in Balco. It proposed the government on January 2012 to acquire the entire
residual stake for Rs. 172000.000 Millions valuing
the combined stake at USD 3.2 billion at the then currency rate. It proposed to
acquire HZL stake for USD 2.938 billion and Balco stake for USD 338 million.
In August 2012, it sought from the shareholder enabling powers to spend
up to USD 3.369 billion to acquire the residual stake in both the companies.
These powers lapsed in August this year. And though Vedanta does not have
certainty on whether the government will accept its offer, it is keeping itself
ready to save time in case government relents.
The London Stock Exchange listed parent is seeking shareholder nod to
extend the offer by another year by seeking a spending limit of USD 3.482
billion. This limit includes USD 487 million it plans to pay for Balco. In
rupee terms, Vedanta arm Sesa Goa will spend up to Rs 216350.000 Millions at
current USD-INR rates to acquire these stakes.
This is higher by 15% as compared to August 2012 spending limit and
higher by 26% when compared to its offer to government in January 2012. Vedanta
has reduced the valuation of Balco from USD 550 million last August to USD 487
million this time around.
While the headroom to hike stake in HZL is very limited, since it will
breach the 75% minimum public shareholding regulation, it will have upto 12 months
to divest nearly 19.4% stake to bring the stake back to below 75%. Vedanta says
in case it fails to divest its stake to meet the MPS guideline, it will seek
additional 1 year extension from SEBI.
The entire stake will be bought using internal cash accruals of group
company Sesa Goa. Vedanta had indicated during the group restructuring that
residual stake acquisition will be led by SesaGoa.
The question now is whether the government will take the bait. The offer
is 26.8% higher that the Jan 2012 offer. But it does have a lot of ‘Ifs’ and
‘Buts’ attached. The government will have to seek amendment to Mines and
Minerals (Development and Regulation) Act, 1957 as per the advice of the Law
Ministry before it proceeds on this path of divestment. Both HZL and Balco were
nationalised under the Act of the Parliament in 1960s and hence amendments have
to be made under the Act before residual stake process is completed.
On October 18, 2013, at 10:05 hrs Hindustan Zinc was quoting at Rs
132.65, up Rs 2.20, or 1.69 percent. The 52-week high of the share was Rs
146.80 and the 52-week low was Rs 94.00.
The company's trailing 12-month (TTM) EPS was at Rs 16.52 per share as
per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was
8.03. The latest book value of the company is Rs 76.39 per share. At current
value, the price-to-book value of the company was 1.74.
HINDUSTAN ZINC LIMITED
RESULTS FOR THE SECOND QUARTER ENDED 30 SEPTEMBER 2013
“Highest ever refined zinc metal production;
EBITDA up 28%; 80% interim dividend announced”
Highlights for the quarter
Operational Performance
·
Mined metal production – up 16%
·
Record integrated saleable zinc metal production –
up 28%
·
Integrated saleable refined lead and silver metal
production – up 29% and 14% respectively
Financial Performance
·
EBITDA up 28% to Rs 19040.000 Millions
·
PAT up 7% to Rs 16400.000 Millions
Interim Dividend
·
Interim dividend of Rs 1.60 per share
Mumbai: Hindustan Zinc Limited (“HZL” or the “Company”) today announced its results
for the second quarter ended 30 September 2013.
Mr. Agnivesh Agarwal (Chairman, Hindustan Zinc) – “Market
environment is challenging as global economy faces risks and uncertainty and
growth in emerging economies is contingent upon global liquidity situation. We
remain focused on sustainability of our operations and are committed to
increasing our mining capacity and maintaining our cost efficiency.”
Financial Summary
(Rs. In Millions)
|
|
Q2 |
Q1 |
H1 |
||||
|
Particulars
|
2014 |
2013 |
Changes |
2014 |
2014 |
2013 |
Changes |
|
|
|
|
|
|
|
|
|
|
Net
Sales/Income from Operations |
|
|
|
|
|
|
|
|
Zinc1 |
25700.000 |
18430.000 |
39% |
19860.000 |
45560.000 |
36590.000 |
25% |
|
Lead |
4530.000 |
3410.000 |
33% |
4020.000 |
8550.000 |
6830.000 |
25% |
|
Silver |
3880.000 |
4490.000 |
-14% |
4080.000 |
7960.000 |
8370.000 |
-5% |
|
Others |
1100.000 |
1890.000 |
-42% |
1430.000 |
2530.000 |
3560.000 |
-29% |
|
Total |
35210.000 |
28220.000 |
25% |
29390.000 |
64600.000 |
55350.000 |
17% |
|
|
|
|
|
|
|
|
|
|
EBITDA |
19040.000 |
14870.000 |
28% |
15060.000 |
34100.000 |
29130.000 |
17% |
|
Profit
After Taxes |
16400.000 |
15400.000 |
7% |
16610.000 |
33010.000 |
31210.000 |
6% |
|
Earnings
per Share (Rs) |
3.88 |
3.64 |
7% |
3.93 |
7.81 |
7.39 |
6% |
|
|
|
|
|
|
|
|
|
|
Mined
Metal Production ('000 MT) |
2220.000 |
1900.000 |
16% |
2380.000 |
4590.000 |
3770.000 |
22% |
|
Refined
Metal Production ('000 MT) |
|
|
|
|
|
|
|
|
Total
Refined Zinc |
1960.000 |
1630.000 |
21% |
1740.000 |
3700.000 |
3240.000 |
14% |
|
-
Refined Zinc - Integrated |
1950.000 |
1530.000 |
28% |
1730.000 |
3680.000 |
3100.000 |
19% |
|
Total
Refined Lead2 |
300.000 |
260.000 |
17% |
310.000 |
610.000 |
550.000 |
11% |
|
-
Refined Lead - Integrated |
290.000 |
220.000 |
29% |
270.000 |
560.000 |
500.000 |
13% |
|
Total
Refined Saleable Silver3 (in MT) |
900.000 |
940.000 |
7% |
960.000 |
1860.000 |
1570.000 |
18% |
|
-
Refined Saleable Silver - Integrated |
830.000 |
730.000 |
14% |
770.000 |
1600.000 |
1440.000 |
12% |
|
Wind
Power (in million units) |
1510.000 |
18/80.000 |
-20% |
1620.000 |
3130.000 |
3700.000 |
-15% |
|
|
|
|
|
|
|
|
|
|
Zinc
CoP without Royalty (Rs / MT) |
505220.000 |
465750.000 |
8% |
467650.000 |
486150.000 |
462630.000 |
5% |
|
Zinc
CoP without Royalty ( $ / MT) |
816.000 |
8440.000 |
-3% |
8360.000 |
8220.000 |
8450.000 |
-3% |
|
|
|
|
|
|
|
|
|
|
Zinc
LME ($ / MT) |
1859 |
1885 |
-1% |
1840 |
1850 |
1906 |
-3% |
|
Lead
LME ($ / MT) |
2102 |
1975 |
7% |
2049 |
2076 |
1974 |
5% |
|
Silver
LBMA ($ / oz.) |
21.4 |
29.8 |
-28% |
23.1 |
22.2 |
29.6 |
-25% |
|
USD-INR |
62.13 |
55.2 |
13% |
55.95 |
59.1 |
54.7 |
8% |
(1)
Excluding captive consumption
of 1,700 MT in Q2 and 3,344 MT in H1, as compared with 1,435 MT and 3,076 MT
respectively in corresponding prior periods.
(2)
Excluding captive
consumption of 9.0 MT in Q2 and 17.8 MT in H1, as compared with 7.5 MT and 16.2
MT in corresponding prior periods.
(3) Silver occurs in Lead & Zinc ore and is recovered in the smelting
and silver-refining processes.
GOVT TO SELL
HINDUSTAN ZINC STAKE THROUGH AUCTION, CABINET NOTE SOON
The government has decided to sell its remaining stake in Hindustan Zinc through auction route as it strives to meet the disinvestment target, and a formal proposal to the Cabinet in this regard will be sent soon, official sources said.
The sources further said that selling remaining 29.5 per cent residual stake in Hindustan Zinc, which is now controlled by Anil Agarwal’s Vedanta Resources, is expected to fetch about Rs. 15,0000.000-20,0000.000 millions.
In this year’s Union Budget, government had set a target of raising about Rs. 55,0000.000 millions from disinvestment. Of this, Rs. 40,0000.000 millions was estimated to come through part-sale of stake in public sector firms and Rs. 15,0000.000 millions from selling residual stakes that government holds in some firms, including Hindustan Zinc and Balco.
So far, the government has managed to mop up only about Rs. 2,8000.000 millions through disinvestment of PSU shares, including the just concluded follow-on public offer of Power Grid Corporation.
“There was a broad consensus with the Finance Ministry’s views on HZL stake sale issue in the last week’s meeting chaired by the Prime Minister that stake sale in Hindustan Zinc should happen through the auction route. A formal Cabinet note on the matter will be circulated soon,” a source said.
Earlier, the Finance Ministry had opined that Hindustan Zinc is no more a public sector company and selling shares through auction route does not require Parliament nod, while responding to the draft Cabinet note of Mines Ministry.
This view, however, was in contrast to those of Mines Ministry. The Law Ministry had also supported the Mines Ministry that selling residual stake in the zinc producer will require a Parliament nod as it was incorporated through a statute.
Currently the government holds 29.5 per cent stake in Hindustan Zinc Ltd (HZL) and 49 per cent stake in Bharat Aluminium Company (Balco). Majority stake in the two erstwhile PSUs was sold to Vedanta group during 2001-2003 by the then NDA government.
Current market valuation for remaining government stake in HZL is about Rs. 16,0000.000 millions. However, the valuation of Balco has been a bone of contention and a case is pending in Delhi High Court on exercise of call options (that allows a company to acquire additional shares at a later stage) by Vedanta.
Last month, Vedanta chairman Anil Agarwal had said that Vedanta has received positive “indications” from government on the matter and it may happen soon.
“We are getting the indications but it is a democratic process. Sometimes it gets delayed but it will happen,” Mr. Agarwal said.
The company, which maintains that selling of residual stakes by the government is merely “housekeeping” work, has been trying for long to acquire remaining stakes in the two firms for having a total control.
In October, Vedanta had renewed the shareholders nod for making offers to the government up to Rs. 21,6370.000 millions ($ 3.482 billion) for acquiring remaining shares in the two firms.
The upper ceiling is a nearly-40 per cent increase from Vedanta’s January 2012 offer of Rs. 15,4930.000 millions. If the company makes the offer at that level for HZL’s remaining stake, it would help the government meet over 39 per cent of the disinvestment target for the current fiscal.
Besides, it will be over 144 per cent of the targeted Rs. 15,0000.000 millions by the government from residual stake sales for the fiscal.
Meanwhile, Finance Minister P. Chidambaram has recused himself from the decision of selling stakes in the two erstwhile PSUs due to his past association with Vedanta and Law Minister Kapil Sibal has been entrusted the responsibility to represent Finance Ministry on the matter.
Currently, Hindustan Zinc is the richest profit-making subsidiary of Vedanta and had cash and cash equivalent of Rs. 23,6320.000 millions as of September, 2013. For the half-year ended September 2013-14 fiscal, it has reported net profit of Rs. 3,3000.000 millions and revenues of Rs. 6,4600.000 millions.
Operational Performance
Mined metal production was 221,646 MT in Q2, as compared with 190,491 MT
in the corresponding prior period. For six month period, mined metal production
was 459,471 MT as compared to 377,133 MT in H1 FY13. The increase is due to
higher production at Rampura Agucha and restarting of Zawar mines.
Integrated refined zinc production was up 28% to 194,814 MT in Q2 and up
19% to 367,814 MT in H1, compared to corresponding prior periods. The increase
was due to improved operational efficiencies. Production of integrated refined
lead was up by 29% and 13% to 28,978 MT in Q2 and 56,445 MT in H1 respectively
compared to previous year due to improved utilization of smelter capacity.
Integrated saleable silver production was up 14% y-o-y to 83 MT in Q2 and 12%
y-o-y to 160 MT in H1.
We expect mined metal production of ~950,000 MT in FY 2014. The momentum
in integrated zinclead production in H1 is expected to continue in H2.
Integrated saleable silver production is projected to be ~335 MT in FY 2014.
Financial Performance
Revenues were up 25% to Rs. 35210.000 Millions in Q2 and 17% to Rs. 64600.000
Millions in H1, as compared with the corresponding prior periods. EBITDA
increased by 28% to Rs 19040.000 Millions in Q2, and was 17% higher at Rs.
34100.0000 Millions in H1 from a year ago. The increase was driven by higher
sales volume and rupee depreciation, partially offset by lower silver price.
Net profit was up 7% to Rs. 16400.000 Millions in Q2 and 6% to Rs.
33010.000 Millions in H1 as compared to previous year. The positive impact of
higher EBITDA was partly offset by lower other income due to mark-to
market losses on investments during the
quarter.
The zinc metal cost of production before royalty during the quarter was
Rs. 50,522 ($816), 8% higher in Rupee and 3% lower in USD terms from a year
ago. The cost of production benefited from higher production volume and
operational efficiencies, which were more than offset by rupee depreciation and
over Rs 3000/MT decline in by-product credits from a year ago.
Interim Dividend
HZL’s Board of Directors has recommended an interim dividend of 80% i.e
Rs 1.60 per share on equity share of Rs 2.00 each, flat from last year. The
record date for the payment of interim dividend is 29 October 2013.
Expansion Projects
The Rampura Agucha underground mine project is operational via ramps and
commercial production will ramp up in Q3 and Q4 of FY 2014. The Kayad mine
project will also commence commercial production in the current fiscal year.
Vizag Zinc Smelter
Pursuant to discontinuation of our Vizag smelter operation, all workmen
at Vizag have accepted voluntary retirement during the quarter.
Liquidity and investment
As on 30 September 2013, the Company had cash and cash equivalents of
Rs. 236320.000 Millions. The Company follows a conservative Investment Policy
and invests in fixed deposit with banks and high quality debt instruments
including AAA/AA rated bonds and debt mutual funds.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
UK Pound |
1 |
Rs.102.39 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
81 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.